Goodbye Cruel World!

by MarketMaker on Oct 24, 2008 6:41 AM CDT

NEW YORK (AP) -- Wall Street headed for another precipitous drop Friday as fears of a punishing global recession stirred panic among investors and sent world financial markets into a tailspin. The Dow Jones industrial average futures were down 550 points, triggering a freeze in selling.

Fearing more carnage in world equity markets, big hedge funds and other institutional investors have been pulling out their money en masse in a bid to reduce risk and raise cash -- moves that only intensify the selling.

Ahead of the market's open, Dow Jones industrial average futures fell the maximum allowed limit of 550, or 6.27 percent, to 8,224. That triggered circuit breakers that automatically freeze selling until the market's 9:30 a.m. EDT open. However, traders can still buy stocks and send the market higher. Selling eased slightly later in the morning, leaving Dow futures 548 points lower.

The Standard & Poor's 500 index futures was also down the maxium allowed 60 points, or 6.56, to 855.20, and the Nasdaq 100 index futures was down 85.00, or 6.20 percent, to 1,175.75.

http://biz.yahoo.com/ap/081024/wall_street.html

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Comments

shit is getting real, yo!

i hope everyone is watching. what you will see today you will probably not see again in your lifetime. time to make a play!

Cashing checks and having sex.

by MarketMaker on Oct 24, 2008 6:44 AM CDT reply actions

at least not since 1929...

Though ’87 was pretty wild (negatively) also.
Think of the coming depression as a kidney stone: this too shall pass.
Hang in there.

"God created [Republicans] because He was disappointed in the monkey." -- Mark Twain.

by Chiburb on Oct 24, 2008 7:32 AM CDT up reply actions

I gotta say I saw much worse within just the last few weeks so far.. this afternoon better pick up in the loss column otherwise this prediction isn’t looking great.

by Grinder in Training on Oct 24, 2008 12:56 PM CDT up reply actions

look at what time i commented. obviously, i was wrong, but no shit, we've all seen worse recently. but how many limit-downs have you seen?

i still think we see lower lows. what do you think will happen?

Cashing checks and having sex.

by MarketMaker on Oct 25, 2008 7:47 PM CDT up reply actions

So when is it time to buy? Gotta be soon, no?

by Grinder in Training on Oct 24, 2008 8:00 AM CDT reply actions

Picking bottoms is a fool's game...

Unless that’s your business (trading).
This may even be the “good times” for awhile.

"God created [Republicans] because He was disappointed in the monkey." -- Mark Twain.

by Chiburb on Oct 24, 2008 8:27 AM CDT up reply actions

Well if it's a Fools game

That’s probably right up my alley. In all seriousness though, my lack of responsibilities makes me more likely to enjoy the risk than most.

by Grinder in Training on Oct 24, 2008 8:30 AM CDT up reply actions

Then dive in!

Funny… the car dealer called me to say he’s willing to “deal” on a brand new model that should be netting closer to MSRP vs. invoice. I suspect if I wait a month or two he’ll be below invoice. Wait… maybe a week or two is more like it.

"God created [Republicans] because He was disappointed in the monkey." -- Mark Twain.

by Chiburb on Oct 24, 2008 8:39 AM CDT up reply actions